India imports 60-65% of its methanol from Iran.

Imported methanol cargo prices in India were assessed at near two-year lows of $306/mt CFR India on Friday, down $4/mt from the week before, amid declining import interests on a CFR basis due to oversupply, traders said Monday.

One of the main reasons behind the oversupply situation in India, is the higher volume of Iran methanol arriving since June, said market sources.

China, which was a key buyer of methanol from Iran, bought 38,423 mt of methanol from Iran immediately after the sanctions in June. Prior to the sanctions, Iran sent an average of more than 100,000 mt/month of methanol to China, Chinese customs data showed, with volumes exceeding 200,000 mt on some months.

India does not provide any official import/export data. But traders estimate that "in September, a ball park estimate of Iran imports would be 60,000 mt, down from 110,000 mt in August." This estimated volume is higher than the typical 40,000-45,000 mt/month that was imported before the sanctions, a trader said.

One end-user of methanol estimated that India is importing around 60-65% of its methanol requirements from Iran this year, compared to around 50% last year.


Source : iranoilgas.com